Venezuela's Rodriguez Is Aligned With US, Wright Says

Watch on YouTube ↗  |  February 12, 2026 at 20:50  |  10:16  |  Bloomberg Markets
Speakers
Chris Wright — US Energy Secretary

Summary

US Energy Secretary Chris Wright visited Venezuela and met with interim President Delcy Rodriguez. He said Venezuela is aligned with US efforts to rebuild its oil sector, with new licenses for oil companies and expectations for 30-40% production growth in the first year. Wright also said Chevron is positioned to expand and that ConocoPhillips is in active talks over past asset losses and a possible return.

  • Chris Wright visited Venezuela as the highest-ranking US official since Nicolas Maduro's capture.
  • Wright said interim President Delcy Rodriguez is enthusiastic about US help in rebuilding the oil sector.
  • The US released a 10-year license for American and international oil and gas companies to invest in Venezuela.
  • Wright expects Venezuelan oil production to grow 30-40% in the first year.
  • Chevron is positioned to expand production over the next 18-24 months as the largest producer in Venezuela.
  • ConocoPhillips is in active talks over recompense and possible return via debt-for-asset deals.
  • The US aims to reduce Chinese, Russian, and Iranian influence in Venezuela.
  • Wright said free and fair elections and rule of law are needed for a full transformation.
Ideas
Chris Wright US Energy Secretary 3:20
Venezuela oil reopening drives production growth
The U.S. has released a 10-year license for American and international oil and gas companies to invest in Venezuela, with additional licenses soon to allow imported parts and services to upgrade oil facilities. Wright expects Venezuelan oil production to grow 30-40% in the first year and continue at a good clip, citing the world's largest crude reserves and underexplored resources, with American and multibillion-dollar investments expected this year.
Venezuelan oil sector HIGH
Chris Wright US Energy Secretary 3:50
Chevron Venezuela production set to rise
Chevron has been in Venezuela for 100 years and is the largest producer today. The U.S. is enabling Chevron to massively grow its business, expand reserves and operations, with production rising at a good clip over the next 18-24 months. Wright calls Chevron one of many companies but a big one.
CVX HIGH
Chris Wright US Energy Secretary 5:58
ConocoPhillips may recover Venezuela claims
ConocoPhillips and other companies that lost assets in Venezuela are in active discussions with U.S. and Venezuelan officials about recompense. Wright says the interest to return is great, and creative debt-for-asset structures could repay owed money without cash flow, potentially enticing them back to grow production.
COP MED
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This Bloomberg Markets video, published February 12, 2026, features Chris Wright discussing Venezuelan oil sector, CVX, COP. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chris Wright  · Tickers: Venezuelan oil sector, CVX, COP